Olney-Fraser’s Albert Park terraces on block

Westpac is taking to market through a mortgagee sale three Victorian-era terraces owned by Fiona Olney-Fraser, the wife of corporate raider
Darren Olney-Fraser
, in Melbourne’s tightly held St Vincent Place.

The trio of classic Albert Park terraces overlooking St Vincent Gardens was acquired by Ms Olney-Fraser from the Catholic Church in 2008 for $10.1 million.

The three houses – 73, 75 and 77 St Vincent Place – had been held by the Church for more than a century and for many years housed a convent for the Loreto Sisters.

Set on almost 500 square metres each, the properties, where the Olney-Frasers lived briefly, will be auctioned by Cayzer agent Michael Szulz over successive weekends in April and are expected to fetch in excess of $3 million apiece.

Mr Olney-Fraser, who heads Mariner Corporation and also established the Government Property Trust, declined to comment further after indicating he did not have an ownership stake in the properties, which were held by his wife as a development project.

Westpac was one of the lenders once backing the Government Property Trust. Most of the 11 assets controlled by that trust have now been put to market by receivers.

Ms Olney-Fraser’s business relationship appears to have soured with the bank, which took control of the three houses two years ago.

“I don’t intend using Westpac for my next project," she said through a spokesman.